According to a new projection, the worldwide blockchain identity management industry would increase at a compound annual growth rate of over 71% from 2021 to 2025.
As stated by a new analysis on the potential for blockchain identity management systems to become integrated across sectors, the worldwide market for these solutions would expand at a compound annual rate of over 71 percent.
The research bases its projections on a study that was divided into segments by sector — for example, government, healthcare, banking, financial services, and insurance (BFSI), region, and applications — as well as by geography and application. It was released by ReportLinker, a market research solution provider with its headquarters in Lyon.
The report, which is based on an analysis of several existing blockchain identity management market vendors, including Accenture, Amazon, Bitfury Group, Civic Technologies, and others, predicts that the total global market for blockchain identity management will grow by $3.58 billion between 2021 and 2025.
Specifically, the study’s starting point is that the market for blockchain identity management will continue to grow as the expansion of online and cloud services, as well as the general trend toward digitization, continues apace.
The demand for more efficient, decentralised, and privacy-respecting identity solutions has risen in a wide range of diverse sectors, from public services to logistical and supply chain networks, and all the way down to consumer wearables and other smart devices, as previously reported by Cointelegraph.
A sort of secure identity verification to access basic services online — both public and private — is swiftly becoming an unavoidable requirement. Some have even gone so far as to say that privacy-preserving digital identification should be recognised as a fundamental right for all.
At the same time, some advocates have stated that, with the worldwide user base of social media networks already nearing 3.8 billion, blockchain is the only suitable and equitable identification solution that can safeguard these users from risks such as data theft and privacy abuses.
Earlier this month, Ethereum co-founder and main developer Vitalik Buterin presented his vision for the future of the Ethereum network across a spectrum of non-financial applications, highlighting areas such as decentralised social media and identity verification and attestation as examples.